Martin Laing Foundation A Registered Charity Report and Financial Statements 5 April 2024 Martin Laing Foundation - A Registered Charity CONTENTS Page TRUSTEES, REPORT AUDThORS' REPORT STATEME￿[ OF FINANCIAL ACTIVITIES BALAIICE SHEE[ STATEMENT OF CASHFLOWS io NOTES TOTHE FINANCIALStATEMENTS 11-19 Martin Laing Foundation - A Registered Charity TRUSTEES, REPORT at S April 2024 Thp Tru5tee5 presenr their financial statement5 and annual report for the year ended 5 April 2024. The financial $18iemenis have been prepared in accordance with the accounting policies Sei out In note I to the accounts and com￿Y with the hariiy's trust deed dated 2 July 1979, the CharltSes Art 2011 and Ae£ounting and Reporting by Chartiies: Statement of Recommended Pracrice IF￿ 1021 and update 8ulletin5 1 & 2. Referenceand Admlnlstratlon Detai150f the Charlty. Its Tr￿tee$and Ad¥lsors Settlor Sir John Martin Kirby Laing Idled 27 December20231 O•te of Deed 2 ju￿ 1979 Trv5tees 5irJohn Martln Kirby Lalng (died 27 December20231 Edward Charle5 Kirby Lain8 Nichola5 John GreÉory Lady Stephanie Stearn L3in8 Alexandra Citherlne Beatrtcejane Gregory CharlDtte Elizabeth Lain8Gre80ry Robert Paul Girdlestone-appointed IB Au8USt 2023 ReEisrered Address 33 Bunns lane London NW7 2DX Registered Charlty Number 278461 WebsSte w4*w.lalft ankers HSBC Bank 23 New condu￿ Street King5 Lynn Norfolk PE30 IDE Attountant5 TMFGlob31 Services IUKI Lid One AngEI Court London ECZR 7HJ Auditors Mercer& Hole LLP 72 London Road St Albans Hertfordshire ALI IN5 InvestmentA(fv150rs BBrratt & Cooke 516 Opie Sireet NoTwich NRI 3DW 5ollcSters Pothecary Witham Weld 84 Eccleston Square LDndon SWIV IPX Martin Laing Foundation - A Registered Charity TRUSTEES, REPORT at 5 AprS12024 Trust Objectives Income Expendable endowrnent Exclusively for charitable purposes. To be retained bythe Trustees or. at their discretion, applied a5 for >ncome. Structure, Governonce and Management The Martin Lain8 FoundatSon I'the FouDdation"115 an unincorporatedtrust consiiluted under a trust deed dated 2nd July 1979 and is a re8isiered charity, number 278461. The Trv5t was esrètAished by 3 gift from the Settlor, 5irJohn Martln Kirby Lain& The Trustees. many of whom are famlly member5, werE deeply s3ddÈned by Sir M3rtin'5 death on 271h tleeember 2023. Since his initial gift 45 years Bgo, the Foundation has distributed over É8rnillion in Ef3nts to charitiP5 reflectin8 his intere5t5 in consorvètion and the environment. sustainable development ènd tmpoweringyoungpeopleio fulfil theirpotential. Hewas closely involved With charities in Norfolk, including those piovidin8 setvi£Ès to the fflore di5advanta6ed in 5oiieiy. encoura8inB them to work together wherever possible to lake advantage of economie5 of Scale, and, in later years. with charitable organisations in Malta. As Chair of rhe Sove the Volletto Skyline Appeol. he leo Ihe campaign to r3ise funds for the Villetli,. the successful completion Df ihe work ju5r before he died was a The remainln8 Trustees, now co.chairei* by Sir Martin 5 children. Edward The power to appoint new TrusieEs 15 now vested in them and processes are in place for the induction of new irustees. The Trustee5 meet three times 8 year EO consider the perfofrnance Df their investtnent portfolio. approve the distribution of gfints 3nd review policie5 on reserve5 and risk 355e55fflent, ￿nt￿still8 the day-to-day administration of grants and the processinE of 3pplication5 10 3 Small staff team. This team 45 emplDyed by the Kirby Lain8 Foundation. The Foundation is admin￿$tered alongside the Kirby Lain8 Foundation. Beairice Laing Tru5r, and Maurice & Hilda Laing CharitBble Trust, which are known collectively as the Laing fami￿ TrustS,' employment cost5 and cost5 3550Ciated with the shared ofFice space, which is owned by the Reculver Trust. are divided between the Trusis. The Trusts Iso have a joint web5ire 1www.lain ami .ukl which provides uidance on the Foundation's grant-making criteria and appliCat￿n process, ObjectNes and Activities The Foundariofi's only charitBblE attiwty is its Érant-making programrne. In accordèntè with the Trust Deed, whlch States that the trust funds are to be area5 identified a5 bein8 Df particular interestto tlem, Their current Brant- making priorlties a￿ defined 25 follows.. envSronmenial and conserwdtvJn work social welfare projects in ihe LJK, with a particulBr focus on Norfolk. E55ex and Hertford5hire supported primarlly through srnall ¢3piral social welfare aDd culfural projett5 in Malta and Thailand Martin Laing Foundation - A Registered Charity TRUSTEES, REPORT at 5 April 2024 ObjectNes andActlvitles- Continued Annual Érznts are made to a number of charities with which the Trustees have a closeaffinityand veryfewun501icited appli¢ation5tothe Foundatlon are successful. In the case of their overseas givin8, the Trustees have presencp in both M3lt3 and Thailand. which enables them to obtain a thorough workin8 knowled8e of thE or8ani53tions they 5UPPOrt. In anticipation of a significlnt increase in Income arising frtrm a forthcDrning gift of shares in Eskmvir Propertie5 from the Kirby Laing Foundation, the Trvstees will be revSe¥wn8 their 8rant-making polities and priorities in the coming year. The Foundation's Erant-maklng programme Is financ*J by income derived solely from the Foundation'squoted investment portfolio and its holdin8 In E5kmuir Properties. The portfollo is managed solely by the Foundation's investmentrn3na8eron 3 discretionarybasis," performance isreviewed. and measured ègalnst published indices, on a regular ba515. The objectfve £ontinue5 to be to achieve a balance between c3pStal Erowth and incume vield by investSng prlmarily in high quality bonds and equitie5 Wlth reasonable dividend yield and prospects for future Erowth. Achievements. Performance and Public Benefft Durin8 the year ro 5th April 2024 the Foundation made chèritèble grant5 totallin8 £352,98212023.. E566,7691, the decrease of 35% largely refletting redu£ed comrnitrnent5 in Malta. Further Instalments of the Erant towards the restorètion ofthetowerand spireofst Paul'5 Anglican Pro-caihedral In Valletta. mentioned earlier in thls report, were released. and there also contlnued to be significant inve5trnent in project5 in Norfolk. Once aEaln. 8r&nt5 were mBde towards the preservèilon of the county's thurche5 through the Norfolk Churthes Trust lind directty to All Salm5 Church In Tever5ham, Cambridgeshirel. to Macmillan Cancer Care and rhe East Anglian Air Ambulance to support hea￿h services aeross the countyand. In particu&i, to the Norfolk Community Foundirion and some of its partners t05UPPOrt thecrearionefa co-ordinatedapproathto Ihecostof Iwingcri51S and fDod poverty in the county through the Jvourishino Norfolk initiative. The network of food hubs across the county continue to offer people who are strJgAlin8 wtih th& risin8 c05t5 of Imng a Ioc31 place to shop for food and household iiern5 at reduced c05t and the opportunity to atce5S Other support services to help address any issues which have contrlbuied to the $ituation in whith they find themsefve5. All 8rant5 are listed, by cltegory, in note 7 tothe accounts and the Trusteès are confldenr that tOEether these 8rants dernonstrate a hi8h de8ree of public benefit in accordance With the guidance published by the Charity Commwion. Furtherdetails oFthe 13 8rantsof£lO,CWand èbove provsded below. Chlldr The Pushkin Trust BoronscourtDGy5 2o33-crosm0mmunity￿tI￿tie$f0r PrimLTry5choolchildren io,zc¥) WWF-UK Community-BosedMorineRestorotiOn Projectin thtr Firth cf Forth David Lain8 Foundation 51rJohn Loingsttstue io.c lo.co) Martin Laing Foundation - A Registered Charity TRUSTEES, REPORT at S April 2024 Achievements, Performance ènd Publlc 8enefit continued H alth & Medical Welfare Dlabetes UK Clinicol Champions Progromme East AnElian AirAmbulance 8loodon 8oard 10.000 io, Macmlllan can￿rsupport Servires in Norfolk 10,000 Overseas Devei rnent Fondazijoni P8irimonju Malti Rolsing oworenes5 of Molta'5 heriroge through mv5eurn5, exhibition5 & publicgtions-LTnnuolgront 10,782 All Sèints Chvrch. Teversham E55entig1 repoirs io.ooo St Pouls Pro-coihedfol Voll¢rjts RestOlOPion Appeol loo.000 ial W Ifare & Communlt Jghn L2in8 Charitable Trust Laing Pen5ioner5'Summer Outings2023 Norfolk Cornmunity Foundation 'Notsrishino Norfolk'lnitiotive io.oLKI 20,OiX> Welsh National Opera WNO Communityfvogrommes& Enooqemenr- WNO reGch 10,0 Income generated by the Foundation'5 investment5 amaunted to £421,048 in 2023124, an increase of £24,08616%1 on the pr￿0￿S year. Includlng management and support cost5 of £26.262. expenditurè from the Income Account amounted to £379.244. resulting In 3 small surplus of e41.804 to adfed"to"t È"rÈserves of ufiexpen ncome,-w ete over the prevlous rwo years byi now stand at £332,854. AFter allowing for investment mana8ers' ch3rges and a loss on invtstmenis of £83.296. the nei cap1131 value of the portfolio srand5 ai É13,869,098, £86,317 le5S than the previou5 yÈar. Aisk Assessment The Trustee5 annually revi&w the major lisks to which they feel the charlty Is exposed. These fall into three rnain arEas'. protection of assets and income, integrity of the grani-making pfo¢es$ and empbymenf and retenLion ofstaff. Havin8carried out Iheirannual reviewof theserlsks.they remèin confident that thty have in pkce systems and procedures which rnltlgaie Ihe ri5k5 as faras possible. Martin Laing Foundation - A Registered Charity TRUSTEES, REPORT at 5 April 2024 Statement of the Trtsstees, responslbllltles In respert of the finantlal statements The Tr￿Stee$ ère responslble for preparlng the Report of the Trustees and the financial 5taternEnt5 In accordance wlth ppllcable law and United Kin8dom GenerallyAccepted AttouTrtin8 Practice. The law applicable to charities in En8land and Wales, the CharitlE5Act 2011. Charity (Accounts and Reports) Regulations 2008 and the pro¥i5ions of the Trnst Deèd require5 the Trustees to prepère financial staternEnt5 for each financial year whSch give a true and fair view of the State of affair5 of the charity and of the incomin£ resources and application of re50urce5, includinÉ the incorne and expenditure, vf the charity for that perfod. In preparing those financi315totements, the Trustees a￿ reouired to-. select sultable accountln8 P￿4￿leS and then appty them conslstentlyi ob5eThe the methods and principles in the Ch3riries50flP,' make jud8ements ond estSmates that are reasonable and prudent,. state whether applicable è¢couThtin8 Standard5 have been followed. sublect to any material dEpartUTe5 d￿CloSed and expfained In thefinancial 5t3tements', and prepare the financial 5tatefflpnt5 on the golng concern b•sls unless it is In3ppropriHte to presume thar the Foundation will contlnue. The Trustees are responsible far keeping proper accountin8 retords which disc105e wlth re350nable accurac¥ at any tlme the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. the Charlty (Accounts and Reports) Reguloiions ZOO8 and the prowsions of thetru5t deed. They are ilso responslble for safeguarding the a5spts of the charlty and hence for takin8 reasonable steps for the preventlon and detettson of fraud and Approved by theTrusteeson.' Date and 5i8ned on their behalf by.. Trustee INDEPE14DENT AUDITOR'S REPORT to the TfU5tee50f the Martin Laing Foundatlon- A Registered Opinion We have audited the financlal slatemenis of the M3rtin L3ing Found3tion Ithe 'charitfl for the year Ènded 5 April 2024 which comprise Statement ofFinancial Activities, the Balance Sheet and noiestothefinancial siatemen15, including5ignificant accounting PDliiies. The financial reporting framework Ihat has been applied in their preparatioll is applicablÈ law and United Kingdom Accounting 5t?ndard5, includinB Financial Reporting Standard 102 The Finoncitsl Reportino Stondord opplicoble In the UK ond Republic Gllielond Iuntied Kin8dum Genèrally Accepted Accounting Practlcel. In our opinion the financial 5tatern2nt5'. 81ve a true and fair view of the state of ihe charity's affalrs 35 at 5 April 2024, and of ir5 incorning resources and 3ppIK*ion of resDufcEs. in¢ludinÈ its income and expenditure. for theyearthen ended,. have bpen propedy prepared in accordance wth United Kingdom Generally Accepted Accoynting Practice,. and have been prep3red in accordance with the requirement5 Of the Charities Act 2011. Basis foropinlon We conducted our audit in accordante with International Standards on Audltlng IUKI 11SAs IUKII and applic3ble law. Our section Dfourreport. We are independent of the th8rity In accordancewith theethical requirementsth?i are relevani ro our Hudii in accordance wth these r¥uirernents. We believe that the audit evidence we have obtained is sufficient and appropriate to Conclu5ion5 rel¥tinÉ to Èo¢ngcontern In auditing the financial statements. we have concluded that the tru5tees' Use uf the ¥oin8 concern bèsis of accounting in the Based on the work we have performed. we have not Idèntified any material unceriainiies relating to event5 or conditions that. Other inlomiatlort The other information compri5e5 the infDrrnalion included in the trustees, annual report, oiher than the financial 51atement5 and gur audiiof s report thereon. ThÈ irusiees are responsible for the other inforrnalion cont3ined within the anllual reptrrt. Our opinion on the financial 5taternenis does Trol cover thE Other informètion and. except to the extent o[hen￿lse explicitly 5rated in ur report. we do not expre55 any form of assurance conclusion thereon. Our respoDsibilily is to read the other InfDrrn3iion and, in doing so, consider whether the other infortnation is materially incen5i5tent with the Financial statements or eur knowledÉe obtained in the course of rhe audii or otherwise appears lo be materially missrated. If we idÈntify such material inconsistencies or apparent material mi55tatements. we are requirEd to defermine whetherthi5 gwes rise toa fflaterial misstatement in the f5nanci81 staiemenis themselves. If, ba5edontheworkwe have performed, we conclude thar there Is a rnaterial missratement ofthis other information, we are rEquired to repDrt that fact. We have noihingto report in this reg?rd. Matterson whl¢h we are requlred to report by exception We have nothing 10 report ID respect of Ihe followingmarier5 in rdattonto which the ChÈrf(ies IACtountS 2nd Reportsl Regulations 2008 req￿lre u5 to report to you if, in our opinion.. the charity ha5 not kppt adequ*e accountln8 records.. or the financial statements are not in a8reement with the accounting records and returns.. or we have not received all the informairon and explanations we require forour audit. Re5ponslbilltles of trustees A5 explained morE fully in the t¢ustees' responsibilities statement, set out on page 5, the trustee5 are responsible for the preparation of the financial statements and for being Satisfied that they give a true fair view. and for SLs¢h internal coThrrol a5 the trustees detèrmine Is netsssary to enable the preparation ol financial st3ternent5 ihal are free from rnateriaS misstatement, whether due io fraud orerror. In PTeparingthefininual st3ternent5, the trustees are responsiblefor8ssessinÉ the charit¢sability io contlnue a5 a golngconcern, disclosin& as applicable. matters related to EDing concern and usin8 the going concern basis of accountin8 unless the trustees either intend to liquidate the charty Drto cease operations, or have no realistic alternative but to do $0, Audltor Thech3riV5 auditor. Mercer& Hole. incorporated on IOctober2022 to becorne Mercef & Hole LLP. Thetrustees havecon5ented to treatingthe incorporation of Mercer& Hole LLP as a contlnuatlon of the existin8audlt arran8ement. Audltorfs re5ponsltsllltlesfortheaudltof the finantlal $tstemertts We have bpen appointed B5 auditor under 5ectlon 144 of the Chafltles Att 2011 and report in accordarKe wlth regulatlons made under settion 154 of that Act. Our objectlves are to obtain reasonable 3$5uran¢e aboyt whether the financiol 5totements 05 a whole are free from matertal mi55tatement. whether due to fraud orerror, Èndto Issue an auditoes report that ineludèsour opinion. Reasonèble 85surance 15 high level of a5surdnce but IS noi a guarantee that an audit conducted in accordance wffth ISAS IUKI will always detett 8 material misst*ement when r( exists. Misstatefflents can arise from fraud or error and are considered material if, individually or in the 3ggregate, they could re850nably be expected to influence the economic decisions Df u5e¢s taken on the basi5 of these financial statements. Irresularities. including fraud are instances of nofvcompliance wlth laws and regulatlons. We desSEn procedures In Ilne wr(h our responsibilities, outlined above, to detect materi31 misstatements in respect of irregularities. including fvaud. The ex*ent to whlch our procedures3re capable of detetting irregularities. Includingfraud, is detailed below. Explariatlon a5 to what extentthe was conslde¢edcawble of deieetlnÈ IrreEul•rltles, IntludinE frèud We Eained an understanding of the legal and regulatory framework applicable tu the charity an(* the ?nvironment in svhirh It opprate5 and considered the rlsk of act5 by the Charity that were contraryto applicable laws and regulatSon¥ Includlnefraud. WeevaluBted mana8ernent'sincentives andopportunltles forfrnudulentmanlpulatlon ofthefinan£lalstatememtsand Iheflnancial report lincludin8 the risk of override of controlsl, and determined that the prlncipal risks were related to posting inapproprlate entrle5 includingjournals to oversrate revenue or understate expeJ)dTture and management bSas In accountingestimatts. Audit procedure5 performed bythe enEagementteam Included.. discu5510n5with rn3na8ement, includSn8 conslderatlons of known or suspected InstaKes OF non- compllance wlth laws ènd regulations and fvaud,. gaining an undpr5tanding of rnan3gement'5 controls desiqned to preventand detert irre8ularitie5; and identifyin8 and testingjournal entries. Because ofthe inherent lirnitatK)n5 of an audlt, there ts a risk that we will not detea311 irregulaTitie5. Includin8t*05e leading io a material mi5Stotement in thefinanclalstatements ornon-compliancewith re8ulation. This rlsklncreasesthe morethattomplianee with a laworre8ulation is removed from the events and rransaciion5 ￿flected in rhe financial Statements, a5we will be le55 likelv to become aware of instances of non